A. 1) On June 27, 2001, the Plaintiff entered into a credit guarantee agreement that guarantees B’s obligations for loans to high-tech agricultural cooperatives by setting the guarantee period as KRW 39,400,00, and by June 27, 2021. 2) B entered into an agreement that guarantees B’s obligations for loans to the high-tech agricultural cooperatives. In the event that the Plaintiff fulfills the guarantee obligation, B entered into an agreement that pays the subrogated payment and the amount of damages, guarantee fee, penalty, fine for negligence, and legal procedural expenses in accordance with the interest rate (12 per annum) determined by the management agency as to the performance of the guarantee obligation, and the Defendant jointly

3) On June 29, 2009, the Plaintiff subrogated the amount of KRW 31,027,677 to the Gosan Agricultural Cooperative (i.e., the principal amount of KRW 30,120,00 plus interest of KRW 865,592, and KRW 42,085) by subrogation (i.e., the additional interest of KRW 30,120,000). (ii) The Plaintiff’s indemnity amount under a credit guarantee agreement with the Defendant based on the credit guarantee agreement with the Defendant was the total amount of KRW 49,641,389 (i.e., the principal amount of KRW 24,089,134, a52,255).

[Reasons for Recognition] Facts without a partial dispute, entry of Gap 1 through 6 evidence (including additional number), the purport of the whole pleadings

B. According to the above facts of determination, the Defendant is obligated to pay to the Plaintiff the amount of KRW 49,641,389 as indemnity and the amount of KRW 24,089,134, whichever is the principal, to the Plaintiff at the rate of 12% per annum, which is the agreed rate from September 13, 2016 to September 21, 2016, the delivery date of the complaint, and the delay damages calculated at the rate of 15% per annum as prescribed by the Act on Special Cases concerning the Promotion, etc. of Legal Proceedings from September 22, 2016 to the day of full payment.

2. Determination on the Defendant’s assertion

A. The Defendant asserts to the effect that “the Plaintiff’s claim was extinguished by the lapse of five-year extinctive prescription with commercial bonds”.

However, the Plaintiff entered into a credit guarantee agreement under the Act on the Credit Guarantee for Farmers and Fishermen, which guarantees the credit of B who are farmers and fishermen who lack security capability.

Furthermore, the plaintiff is a corporation established under the Agricultural Cooperatives Act, which receives credit and makes other financial transactions.